Fazal Bahardeen, CEO of CrescentRating and Halal Trip, delivered the keynote speech, unveiling key insights and analysis derived from the launch of the Mastercard-CrescentRating Global Muslim Travel Index 2023, which took place at the Village Katong Hotel in Singapore. Esteemed guests, dignitaries, and members of the media attended the event, marking an important milestone in the continued collaboration between Mastercard and CrescentRating.
The Global Muslim Travel Index, now in its eighth edition, has become the foremost reference for the Muslim travel market. Over the past nine years, Mastercard and CrescentRating have worked closely to understand the unique needs and preferences of Muslim travelers, empowering businesses and destinations to cater to this rapidly growing market segment.
Mr. Bahardeen expressed his gratitude to Mastercard for their unwavering support and exceptional partnership. He reminisced about their initial meeting with Mr. Safdar Khan, Division President of Mastercard for Southeast Asia, in 2014 and their subsequent collaboration, which has spanned nearly a decade. Fazal also acknowledged the contributions of his team, who have played integral roles in the success of their endeavors.
Addressing the audience, Mr. Bahardeen highlighted the significant growth in Muslim visitor arrivals. In 2022, there were an estimated 110 million Muslim travelers, representing 68% of pre-pandemic levels in 2019. Projections for 2023 indicate a potential increase to 140 million Muslim visitors. Looking ahead, the Muslim travel market is projected to reach 230 million arrivals by 2028, contributing approximately $225 billion in expenditure. These figures demonstrate the segment's economic significance and potential to drive the global travel industry's recovery and growth.
Analyzing the distribution of Muslim arrivals, Mr. Bahardeen emphasized the dominance of Asia as a preferred destination. Asia accounted for nearly 60% of Muslim arrivals, with 31% of overall arrivals to the region being Muslim travelers. This trend is attributed to the significant Muslim populations in Southeast Asia and the Middle East, coupled with the region's appeal as a Muslim-friendly destination. Mr. Bahardeen encouraged Asian countries, particularly Southeast Asian nations such as Indonesia, Malaysia, and Singapore, to leverage this opportunity by enhancing and diversifying their range of Muslim-friendly services and unique experiences.
To facilitate closer monitoring of market trends and provide valuable insights to industry stakeholders, HalalTrip developed the Muslim Travel Intent Tracker (MTIT). This monthly tracker measures the travel intentions of Muslim travelers, capturing their changing preferences over various time frames. The data collected from the MTIT will enable businesses to anticipate future demands and identify growth opportunities in the Muslim travel market.
Mr. Bahardeen further outlined the extensive range of data and insights CrescentRating and Mastercard have been publishing. In addition to the Global Muslim Travel Index, the organizations collaborate on three reports annually. To adapt to the rapidly evolving market, they are planning to introduce monthly, quarterly, and live trackers, providing more up-to-date information for industry stakeholders.
Fazal also introduced the GMTI Performance Matrix, which categorizes destinations based on their GMTI scores and the percentage of Muslim arrivals. The GMTI Performance Matrix (GPM) is a strategic analytical tool designed to evaluate destinations’ performance and potential in the Muslim travel market. By incorporating the Global Muslim Travel Index (GMTI) scores and the percentage of Muslim visitors to overall visitors, the GPM provides a overview of destinations’ ability to cater to Muslim travelers and their success in attracting this growing market segment.
The highly anticipated results of the Global Muslim Travel Index 2023 were unveiled. Indonesia and Malaysia jointly secured the top position, with Malaysia having consistently held the number one spot since the inception of the GMTI. Turkey, Saudi Arabia, and the United Arab Emirates (UAE) also secured top rankings, with the United Kingdom making a significant leap to enter the top 20. Singapore maintained its position as the leading non-OIC (Organization of Islamic Cooperation) destination, showcasing its continued commitment to catering to Muslim travelers.
The comprehensive report, spanning 82 pages, offers detailed rankings, analysis, and insights into the Muslim travel market. It also introduces a sustainability framework for Muslim travelers (Halaltrip Responsible Tourism Framework), promoting informed choices aligned with their faith requirements. The report is now available for download on the CrescentRating website.
The Mastercard-CrescentRating Global Muslim Travel Index 2023 launch event served as a testament to the ongoing collaboration between Mastercard and CrescentRating, with the goal of advancing Muslim-friendly travel and related sectors while enhancing the overall travel experience for Muslim travelers worldwide. As the market continues to evolve, such initiatives play a crucial role in empowering destinations and businesses to cater to the diverse needs of Muslim travelers and tap into the immense potential of this growing segment.
For the full Global Muslim Travel Index 2023 report, please visit this link!
